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    REP   ES0173516115

REPSOL S.A.

(REP)
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Repsol S A : Alternative Performance Measures - Reconciliations Q2 and H1 2021

07/29/2021 | 05:07am EDT

Translation of a report originally issued in Spanish In the event of a discrepancy, the Spanish language version prevails.

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails.

ALTERNATIVE PERFORMANCE MEASURES

Repsol's financial information contains indicators and measures prepared in accordance with applicable financial reporting standards and regulations, as well as other measures prepared in accordance with the Group's Reporting Model, defined as Alternative Performance Measures (APMs). APMs are measures that are "adjusted" compared to those presented in accordance with IFRS-EU or with Supplementary Information on Oil and Gas Upstream Activities, and the reader should therefore consider them in addition to, but not instead of, the latter.

APMs are useful for users of financial information as they are the measures employed by Repsol's Management to evaluate its financial performance, cash flows or financial position when making operational or strategic decisions for the Group.

For historical quarterly APM information, see www.repsol.com.

1. Financial performance measures

Adjusted net income

First half

ADJUSTMENTS

Adjusted net

Reclassification

Inventory effect

Total

IFRS-EU profit/

of joint

Special items

income

(2)

adjustments

loss

ventures

Million euros

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Operating income

1,679 ⁽¹⁾

494

⁽¹⁾

(155)

843

(475)

(1,500)

675

(1,507)

45

(2,164)

1,724

(1,670)

Financial result

(111)

(136)

75

22

206

(51)

-

-

281

(29)

170

(165)

Net income from entities accounted for

4

7

113

(986)

-

1

-

-

113

(985)

117

(978)

using the equity method

Income before tax

1,572

365

33

(121)

(269)

(1,550)

675

(1,507)

439

(3,178)

2,011

(2,813)

Income tax

(619)

(172)

(33)

121

56

(36)

(171)

383

(148)

468

(767)

296

Consolidated net income for the year

953

193

-

-

(213)

(1,586)

504

(1,124)

291

(2,710)

1,244

(2,517)

Net income attributed to non-

6

(4)

-

-

-

1

(15)

36

(15)

37

(9)

33

controlling interests

TOTAL NET INCOME ATTRIBUTABLE TO

959

189

-

-

(213)

(1,585)

489

(1,088)

276

(2,673)

1,235

(2,484)

THE PARENT COMPANY

  1. Net income from continuing operations at current cost of supply (CCS)
  2. The inventory effect represents an adjustment to "Procurements" and "Changes in inventory of finished goods and work in progress" on the IFRS-EU income statement.

Second quarter

ADJUSTMENTS

Adjusted net

Reclassification

Inventory effect

Total

IFRS-EU profit/

of joint

Special items

income

(2)

adjustments

loss

ventures

Million euros

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Operating income

917

(169)⁽¹⁾

(45)

947

(379)

(1,550)

233

(401)

(191)

(1,004)

726

(1,173)

Financial result

(138)

(125)

57

28

218

(38)

-

-

275

(10)

137

(135)

Net income from entities accounted for

using the equity method

4

2

99

(944)

-

1

-

-

99

(943)

103

(941)

Net Income before tax

783

(292)

111

31

(161)

(1,587)

233

(401)

183

(1,957)

966

(2,249)

Income tax

(296)

34

(111)

(31)

92

146

(60)

100

(79)

215

(375)

249

Consolidated net income for the year

487

(258)

-

-

(69)

(1,441)

173

(301)

104

(1,742)

591

(2,000)

Net income attributed to non-

1

-

-

-

-

-

(5)

3

(5)

3

(4)

3

controlling interests

TOTAL NET INCOME ATTRIBUTABLE TO

THE PARENT COMPANY

488

(258)

-

-

(69)

(1,441)

168

(298)

99

(1,739)

587

(1,997)

  1. Net income from continuing operations at current cost of supply (CCS)
  2. The inventory effect represents an adjustment to "Procurements" and "Changes in inventory of finished goods and work in progress" on the IFRS-EU income statement.

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails.

Special items

1H

2Q

Million euros

2021

2020

2021

2020

Divestments

1

72

(5)

3

Indemnities and workforce restructuring

(54)

(41)

(31)

(35)

Impairment of assets

(5)

(1,296)

(15)

(1,296)

Provisions and others

(155)

(320)

(18)

(113)

TOTAL

(213)

(1,585)

(69)

(1,441)

EBITDA

First half

Group Reporting Model

Joint venture

Inventory effect (1)

IFRS-EU(2)

reclassification and others

2021

2020

2021

2020

2021

2020

2021

2020

Upstream

1,845

988

(595)

(488)

-

1,250

500

Industrial

1,355

(670)

(30)

(15)

642

(1,478)

1,325

(685)

Commercial and Renewables

519

360

(6)

(2)

33

(29)

513

358

Corporate and other

(84)

(89)

26

7

-

(58)

(82)

EBITDA

3,635

589

(605)

(498)

3,030

91

Inventory effect (1)

675

(1,507)

-

-

-

CCS EBITDA

2,960

2,096

(605)

(498)

675

(1,507)

3,030

91

  1. Before tax.
  2. Corresponds to "Income before tax" and "Adjustments to income" on the consolidated statement of cash flows under IFRS-EU.

First half

Group Reporting Model

Joint venture reclassification

IFRS-EU(1)

and others

2020

2019

2020

2019

2020

2019

Net income before tax

1,978

(2,692)

33

(121)

2,011

(2,813)

Adjusted result:

-

-

Depreciation of property, plant and equipment

1,254

1,547

(272)

(401)

982

1,146

Operating provisions

502

1,614

(188)

(939)

314

675

Other items

(99)

120

(178)

963

(277)

1,083

EBITDA

3,635

589

(605)

(498)

3,030

91

  1. Corresponds to "Income before tax" and "Adjustments to income" on the consolidated statement of cash flows under IFRS-EU.

Second quarter

Group Reporting Model

Joint venture reclassification

Inventory effect (1)

IFRS-EU(2)

and others

2021

2020

2021

2020

2021

2020

2021

2020

Upstream

918

331

(289)

(186)

-

-

629

145

Industrial

647

(156)

(17)

(6)

223

(379)

630

(162)

Commercial and Renewables

277

118

(4)

-

10

(22)

273

118

Corporate and other

(44)

(53)

2

4

-

-

(42)

(49)

EBITDA

1,798

240

(308)

(188)

-

-

1,490

52

Inventory effect (1)

(233)

401

-

-

-

-

-

-

CCS EBITDA

1,565

641

(308)

(188)

233

(401)

1,490

52

  1. Before tax.
  2. Corresponds to "Income before tax" and "Adjustments to income" on the consolidated statement of cash flows under IFRS-EU.

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails.

Second quarter

Group Reporting Model

Joint venture reclassification

IFRS-EU(1)

and others

2021

2020

2021

2020

2021

2020

Net income before tax

855

(2,280)

111

31

966

(2,249)

Adjusted result:

-

-

Depreciation of property, plant and equipment

611

762

(133)

(198)

478

564

Operating provisions

401

1,591

(130)

(937)

271

654

Other items

(69)

167

(156)

916

(225)

1,083

EBITDA

1,798

240

(308)

(188)

1,490

52

  1. Corresponds to "Income before tax" and "Adjustments to income" on the consolidated statement of cash flows under IFRS-EU.

ROACE

NUMERATOR (Million euros)

1S 2021

1S 2020

Operating income IFRS-EU

1,724

(1,670)

Reclassification of joint ventures

155

(843)

Income tax (1)

(658)

150

Net income of companies accounted for using the equity method - net of tax

4

8

I. ROACE result at weighted average cost

1,225

(2,355)

DENOMINATOR (Million euros)

1S 2020

1S 2020

Total equity

20,962

22,940

Net debt

6,386

8,026

Capital employed at period-end

27,348

30,966

II. Average capital employed (2)

27,333

32,128

ROACE (I/II) (3)

4.5%

(7.3)%

  1. Does not include income tax corresponding to financial results.
  2. Corresponds to the average balance of capital employed at the beginning and end of the period.
  3. ROACE on CCS (without taking into account the Inventory Effect) amounts to 2.6%

2. Cash flow measures

Free cash flow and Cash generated

MIllion euros

I. Cash flows from / (used in) operating activities (cash flow from operations)

  1. Cash flows from / (used in) investing activities Free cash flow (I+II)

Cash flow generated

III. Cash flows from / (used in) financing activities and others

(1)

Net increase / (decrease) in cash and cash equivalents (I+II+III)

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

First half

Adjusted cash flow

Reclassification of joint

IFRS-EU statement of cash

ventures and others

flow

2021

2020

2021

2020

2021

2020

1,932

864

(392)

(247)

1,540

617

(977)

(692)

32

1,808

(945)

1,116

955

172

(360)

1,561

595

1,733

163

(359)

(341)

1,605

(178)

1,246

(286)

2,127

284

(1,554)

(2)

573

669

2,299

(76)

7

593

2,306

4,578

3,218

(257)

(239)

4,321

2,979

5,247

5,517

(333)

(232)

4,914

5,285

  1. Includes payments for dividends and returns on other equity instruments, interest payments, other proceeds from / (payments for) financing activities, proceeds from / (payments for) the issue / (return) of equity instruments, proceeds from / (payments for) financial liabilities and the exchange rate fluctuations effect.

Million euros

I. Cash flows from / (used in) operating activities (cash flow from operations)

  1. Cash flows from / (used in) investing activities Free cash flow (I+II)

Cash flow generated

III. Cash flows from / (used in) financing activities and others

(1)

Net increase / (decrease) in cash and cash equivalents (I+II+III)

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails.

Second quarter

Adjusted cash flow

Reclassification of joint

IFRS-EU statement of cash

ventures and others

flow

2020

2019

2020

2019

2020

2019

902

268

(177)

35

725

303

(454)

(485)

(271)

1,053

(725)

568

448

(217)

(448)

1,088

-

871

351

(337)

(438)

1,121

(87)

784

273

2,300

442

(1,050)

715

1,250

721

2,083

(6)

38

715

2,121

4,526

3,434

(327)

(270)

4,199

3,164

5,247

5,517

(333)

(232)

4,914

5,285

  1. Includes payments for dividends and returns on other equity instruments, interest payments, other proceeds from / (payments for) financing activities, proceeds from / (payments for) the issue / (return) of equity instruments, proceeds from / (payments for) financial liabilities and the exchange rate fluctuations effect.

Liquidity

First half

Group Reporting Model

Reclassification of joint

IFRS-EU

ventures and others

Million euros

Jun - 2021

Dec - 2020

Jun - 2021

Dec - 2020

Jun - 2021

Dec - 2020

Cash and cash equivalents

5,247

4,578

(333)

(257)

4,914

4,321

Undrawn credit facilities

2,867

3,436

(11)

(11)

2,856

3,425

Deposits of immediate availability (1)

1,334

1,181

-

-

1,334

1,181

Liquidity

9,448

9,195

(344)

(268)

9,104

8,926

  1. Repsol contracts time deposits but with immediate availability, which are recorded under "Other current financial assets" and which do not meet the accounting criteria for classification as cash and cash equivalents.

Operating investments

First half

Operating investments

Reclassification of joint

IFRS-EU(1)

ventures and others

Million euros

2021

2020

2021

2020

2021

2020

Upstream

418

603

(162)

(99)

256

504

Industrial

203

227

(3)

(1)

200

226

Commercial and Renewables

413

259

(2)

(13)

411

246

Corporate and others

27

24

-

-

27

24

TOTAL

1,061

1,113

(167)

(113)

894

1,000

  1. This corresponds to "Payments on investments" on the consolidated statement of cash flows prepared under IFRS-EU, and does not include items corresponding to "Other financial assets."

Second quarter

Operating investments

Joint venture

IFRS-EU(1)

reclassification and others

2021

2020

2021

2020

2021

2020

Upstream

212

214

(78)

(42)

134

172

Industrial

129

104

(2)

(3)

127

101

Commercial and Renewables

200

141

(22)

(1)

178

141

Corporate and others

19

20

-

-

19

20

TOTAL

560

479

(102)

(46)

458

433

  1. This corresponds to "Payments on investments" on the consolidated statement of cash flows prepared under IFRS-EU, and does not include items corresponding to "Other financial assets."

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Repsol SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 09:06:08 UTC.


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